Message #15 From:
Stock News Bot Date: December 14, 2006 06:45:00 AM
NVMG News NAEG Announces Memorandum of Understanding for $5 Million Funding
FOREST HILLS, N.Y.--(BUSINESS WIRE)--Native American Energy Group, Inc. (the "Company" or "NAEG") (OTC Pink
Sheets: NVMG), today announced an MOU with a foreign investment group
for a $5 Million ($5,000,000) funding on favorable terms. The funds are
to be used for general well development, lease acquisition and
operational purposes, and will be received by the end of January 2007.
The Company currently has no debt. NAEG is a publicly traded,
independent, energy company that recently commenced oil production in
Northeast Montana.
The financial agreement which is the basis of the MOU was arranged by
Joseph D’Arrigo, President & CEO, and Raj
Nanvaan, Chief Financial Officer, after reviewing several other
proposals. The interest rate on the note is eight percent (8%) due and
payable at the end of the five-year term of the loan. The note is being
collateralized with restricted shares of the Company’s
common stock with no conversion feature. Such shares will be returned
upon repayment of the note after five years.
Raj Nanvaan stated, “We are pleased to be
aligned with a group that has vast resources as well as a strong
interest in our projects and also shares our belief in supporting the
sovereignty and prosperity of Native American nations. We have
diligently reviewed many proposals before moving with this group. This
loan is a straight-forward loan with an interest rate that makes sense.
They’re accepting our restricted common stock
as collateral for this loan. They are the first group that realized the
real potential of this company and didn’t
approach us with some sort of convertible note deal or unethical equity
offer. They’re a group that looked upon us
with true synergy and I can honestly say with sincerity, we look forward
to a long and prosperous relationship with them.”
CEO Joseph D’Arrigo added, “We
also have our audited financial statements well underway to completion
as we plan on filing a registration statement with the SEC next year to
become a fully reporting company. Our financial statements are being
prepared by the company’s Certified Public
Accountants, the Resnick Druckman Group out of New York. Our legal
counsel, Wright Lindsey & Jennings LLP will be preparing the necessary
registration statements for filing with the SEC.”
Safe Harbor Statement: This News Release may include
forward-looking statements within the meaning of section 27A of the
United States Securities Act of 1933, as amended, and section 21E of the
United States Securities & Exchange Act of 1934, as amended, with
respect to corporate objectives, projections, estimates, operations,
acquisition and development of various interests and certain other
matters. These statements are made under the "Safe Harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995 and
involve risks and uncertainties which could cause actual results to
differ materially from those in the forward-looking statements contained
herein.
